Home prices rise, inventory drops, ABoR reports

Austin home prices continue to increase. The number of homes sold has also risen, according to a report released Thursday by the Austin Board of Realtors.

The median price of an Austin-area home rose to $220,000 in March, an increase of 10 percent from the same month a year ago. Inventory has dropped 28 percent from a year ago, and pending sales have increased 18 percent from a year ago.

There were 2,166 single-family homes sold last month, an increase of 16 percent from a year ago.

Here’s a look at other report highlights:

•For-sale homes were on the market an average of 64 days, a decrease of 20 days from a year ago.

•The volume of homes sold was $616.4 million, an increase of 28 percent from a year ago.

•There were 3,283 new single-family home listings in March.

•There were 5,218 active single-family home listings in March.

•There were 275 sales of townhouses and condos in March, an increase of 27 percent from a year ago.

•The median price for a townhouse or condo was $181,750, a decrease in price of about 3 percent from a year ago.

•Townhouses and condos were on the market an average of 87 days, about the same amount of time as a year ago.

•There were 1,205 homes for lease in March, which is 9 percent more than a year ago.

•The median price for a lease was $1,380, an increase of 6 percent from a year ago.